Morgan Stanley
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Japanese issuers are rarely seen in the European corporate bond markets, but electric motor manufacturer Nidec made it two Japanese corporate bond sales in two days, following Japan Tobacco’s multi-tranche deal on Wednesday. -
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Guarantor: Kingdom of Belgium (51.41%), Republic of France (45.59%) and Grand Duchy of Luxembourg (3.00%)
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Cryptocurrencies have not had a great year. Total market capitalisation of the sector is down 75% from the highs of January, falling roughly in line with what the bears predicted. But that hasn’t seemed to slow institutions’ attempts to get involved.
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BOC Aviation made its fourth dollar market outing of the year on Wednesday, locking up $500m from a tightly priced floating rate transaction.
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State Bank of India sold its debut green dollar bond through its London branch on Wednesday, reopening the market for the country’s issuers. But despite being a strong credit, the bank didn’t have an easy time marketing its notes against a volatile backdrop, as sceptical investors demanded a premium for emerging market risk. Morgan Davis reports.
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Two Samsung-linked units are selling down their remaining shares in Samsung C&T Corp through an accelerated block that could raise as much as $829m.
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WuXi AppTec has filed for a possible $1.9bn dual listing in Hong Kong after making a splash with its Shanghai IPO in May.
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Cyprus won huge demand for its return to the 10 year part of euro curve on Tuesday, with the final book almost four times covered. The deal should set a good backdrop for Greece to come to the market in the same maturity — as long as it pays up a sizeable concession, according to SSA bankers.
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The strong demand that has permeated the dollar market over the last few weeks showed no signs of abating on Tuesday, as a pair of borrowers issued benchmarks that were comfortably oversubscribed.
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The Philippines’ Security Bank Corp offered a decent premium over its domestic peer to woo investors to its $300m bond offering on Monday.
